April 7th
1. Name 3 advantages and 3 disadvantages of sole proprietorship Advantages
- Ease of start up
- You keep all profits
- Ease of Management
Disadvantages
- Unlimited Liability
- Limited size and efficiency
- Limited Life
2. What are some of the 4 Factors of production you would need for one of the businesses you chose?
- Land
- Labor
- Capital
- Entrepreneur
3. Define the two types of partnerships.
- General Partnership
- Limited Partnership
4. Name 3 advantages and 3 disadvantages of starting a corporation. Advantages
- Ability to hire
- Ease of raising financial capital
- Limited liability
Disadvantages
- Start up expenses are high
- Profits are taxed
-Corporations are subject to more government regulations
5. Give 3 examples of non-profit businesses.
- Police Voice for Animals
- The Salvation Army
- Idaho Waterfowl Association
6. Define the 2 types of mergers.
- Vertical - when two or more firms that are at different steps of manufacturing process join together
- Horizontal - when two or more companies that product the same kind of product join forces.
April 10th 5 areas of inspection
1. For sale sign
2. body
3. wheels / tires
4. Interior
5. Under carriage
3 Takeaways
1. Make sure you check the car before wanting to buy it
2. negotiate deals for a better price
3. make sure to test drive the car to make sure everything is in perfect condition
May 10th Needs-cannot avoid or help doing something
Wants-have a desire to possess or do (something)
Natural Resources-materials or substances such as minerals, forests, water, and fertile land that occur in nature and can be used for economic gain.
Human Resources-the personnel of a business or organization, especially when regarded as a significant asset
Capital Resources-goods made and used to produce other goods and services
Scarcity-the state of being scarce or in short supply
Opportunity Costs-the loss of potential gain from other alternatives when one alternative is chosen.
Traditional Economy- original economic system in which traditions, customs, and beliefs help shape the goods and the services the economy produces
Command Economy-an economy in which production, investment, prices, and incomes are determined centrally by a government.
Market Economy- an economic system in which economic decisions and the pricing of goods and services are guided solely by the aggregate interactions of a country's individual citizens
April 27th WHAT SNEAKER OR SHOE ARE YOU WEARING? Adidas NEO High Top WHAT WAS THE COST? $80 WHERE DID THEY COME FROM/MANUFACTURE? Adidas WHAT IS THE MOST YOU WOULD PAY FOR THEM? $90 WHAT IS THE BEST ADVERTISED PRICE? (USE GOOGLE). $48.97 on Kohl's website
April 7th
1. Name 3 advantages and 3 disadvantages of sole proprietorship
Advantages
- Ease of start up
- You keep all profits
- Ease of Management
Disadvantages
- Unlimited Liability
- Limited size and efficiency
- Limited Life
2. What are some of the 4 Factors of production you would need for one of the businesses you chose?
- Land
- Labor
- Capital
- Entrepreneur
3. Define the two types of partnerships.
- General Partnership
- Limited Partnership
4. Name 3 advantages and 3 disadvantages of starting a corporation.
Advantages
- Ability to hire
- Ease of raising financial capital
- Limited liability
Disadvantages
- Start up expenses are high
- Profits are taxed
-Corporations are subject to more government regulations
5. Give 3 examples of non-profit businesses.
- Police Voice for Animals
- The Salvation Army
- Idaho Waterfowl Association
6. Define the 2 types of mergers.
- Vertical - when two or more firms that are at different steps of manufacturing process join together
- Horizontal - when two or more companies that product the same kind of product join forces.
April 10th
5 areas of inspection
1. For sale sign
2. body
3. wheels / tires
4. Interior
5. Under carriage
3 Takeaways
1. Make sure you check the car before wanting to buy it
2. negotiate deals for a better price
3. make sure to test drive the car to make sure everything is in perfect condition
April 11th
My First Car
First Car Choice
https://www.carfax.com/vehicles/1HGCM82644A019105-used-2004-honda-accord-ex--hasbrouck-heights
Second Car Choice
https://www.carfax.com/vehicles/2HGES16511H516374-used-2001-honda-civic-lx--belleville
May 10th
Needs- cannot avoid or help doing something
Wants- have a desire to possess or do (something)
Natural Resources- materials or substances such as minerals, forests, water, and fertile land that occur in nature and can be used for economic gain.
Human Resources- the personnel of a business or organization, especially when regarded as a significant asset
Capital Resources- goods made and used to produce other goods and services
Scarcity- the state of being scarce or in short supply
Opportunity Costs- the loss of potential gain from other alternatives when one alternative is chosen.
Traditional Economy- original economic system in which traditions, customs, and beliefs help shape the goods and the services the economy produces
Command Economy- an economy in which production, investment, prices, and incomes are determined centrally by a government.
Market Economy- an economic system in which economic decisions and the pricing of goods and services are guided solely by the aggregate interactions of a country's individual citizens
April 27th
WHAT SNEAKER OR SHOE ARE YOU WEARING?
Adidas NEO High Top
WHAT WAS THE COST?
$80
WHERE DID THEY COME FROM/MANUFACTURE?
Adidas
WHAT IS THE MOST YOU WOULD PAY FOR THEM?
$90
WHAT IS THE BEST ADVERTISED PRICE? (USE GOOGLE).
$48.97 on Kohl's website